We wrote this guide to help you determine what kind of system will best suit your organization.
Here’s what we’ll cover:
Here's what we'll cover:
Mortgage customer relationship management (CRM) software is designed to help mortgage professionals run their front-end operations. The subprime mortgage crisis is anything but a distant memory. Delinquencies and foreclosures are still common occurrences, and mortgage lenders have realized the importance of focusing on the customer acquisition and management lifecycle as a means of recovery. In particular, lenders and loan officers must overcome the hurdles of keeping detailed client notes and maintaining timely client follow-up. They require proper contact management coupled with loan pipeline management in order to stay in control of their business. On top of client retention, mortgage lenders also need to grow and expand their operation in a highly competitive market.
Mortgage CRM software often includes applications for contact management, so that lenders can organize client data into one, easily accessible location. However, if the tool is specific to the mortgage industry, it will also include additional key features:
|Loan pipeline Management||Mortgage CRM software should tie in with existing loan-originating software (LOS) systems to improve loan pipeline management. This integration allows lenders to view loan reports on-demand, track loans as they go through the LOS and synchronize important data such as loan status values and 1003 application data. With a few clicks, the lender can access contact information, loan information, email and phone call history.|
|Referral partner marketing||In a highly competitive market, mortgage companies can benefit greatly from a program that facilitates drip marketing campaigns and campaign tracking to send targeted messages to clients and referral partners. Tracking these campaigns helps lenders know how to cultivate and reward client and partner loyalty.|
|Mortgage event alerts||There should also be tools for notes and alerts that remind the lender of important upcoming events, such as which clients want to refinance several weeks or months in the future. Some systems also have a news update application that provides the most up-to-date information, such as increased annual premiums or changes in upfront mortgage insurance rates (UFMIP).|
|Regulation compliance||With the current instability in the market, it is even more important for lenders to stay abreast of new regulations and compliance issues in their industry. Integrated compliance modules are available in some products to help ensure that business operations are in line with regulations enforced by organizations such as the Federal Housing Administration (FHA).|
Mortgage accounting software can automate many of the day-to-day marketing and loan processing, facilitating marketing efforts and increasing accuracy and customer service. When selecting mortgage CRM software, ask the following questions:
We're able to offer this service to buyers for free, because software vendors pay us on a "pay-per-lead" basis. Buyers get great advice. Sellers get great referrals.